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February at The Fintech Times: Insurtech 2023

Insurance has obtained a reputation for being stuck in its ways. For 50-odd years, the way insurance has worked has remained the same. But in the last few years, catalysed by the pandemic, the rise of digital solutions and insurtech looks to break down historical insurance preconceptions have emerged.

Managing legacy system transitions

Of course, 50 years of legacy systems cannot be uprooted overnight. So this month, we will be speaking to experts in the industry to find out how they are managing these transitions. We’re identifying what challenges insurtechs may face in abandoning legacy systems. However, we will also be reviewing the perks of legacy systems that will not be as easy to leave behind.

Leveraging AI, ML and other tech

You can’t have insurtech without the tech. Our focus will then move away from legacy systems and look towards their replacements. This will include an analysis of artificial intelligence (AI) and machine learning (ML) and how they are being used in the sector. This is in addition to other technologies too.

Partnerships

It is hard to find success stories that did not have some sort of partnership. Partnerships are key for the fintech industry to continue to prosper. With that in mind, we reached out to the industry to find out about the most impactful partnerships in insurtech. And further, we wanted to find out if big tech companies were friend or foe of the insurance industry.

Customer engagement

‘We live in a customer-driven world’ is perhaps a phrase we’ve heard all too often lately, but it’s true. Any company in any industry that does not adjust its way to customer preferences is setting itself up for failure. So our final focus this month will look at customer engagement stories: the impact of digitisation, how insurtechs can improve customer engagement and more.

As we highlight success stories from across the industry, this will definitely be a month you don’t want to miss!

Author

  • Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist interest in North and South America.

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